Bank of Scotland Big Loan
Good:
You don't have to make any payments for the first 3 months of the loan (interest still applies)
Bad:
£70 extra fee to get your loan documents sent to you in two days
Verdict:
Interest rate can be higher than other banks but Bank of Scotland are well known for fast and efficient service - which may compensate for the extra interest
Bank of Scotland offer large, unsecured, personal loans. You can borrow between £7,000 to £25,000. Their main selling point is that they can offer a 3 month payment holiday at the beginning of the loan, making the agreement fairly flexible and it allows you to get your finances in shape before repayments start. Bear in mind that interest still applies during this period.
You can apply online or over the phone and they'll give you a provisional decision immediately. You will have to provide employment details and they do not accept people who are in education. If accepted, they will send you a letter and a copy of your loan agreement. If you do not have an account with them, they may ask you to provide some documents as you will need to open one up. They are fairly quick to pay out, even quicker if you already have an account with them because they will have all your personal details.
The general opinion from customer reviews on the internet is that the customer service with Bank Of Scotland is poor. Internal communication problems within the bank seem to frustrate a lot of customers not just with loans, but with other services they offer as well. Bank of Scotland seem to have quite a strong emphasis on meeting sales targets so if you do try and take a loan out with them don't be surprised if you are offered other products as well. The interest rate is reasonable but not the best. As stated previously, they do run credit checks much like the other banks, so if your credit is poor (i.e. have made late payments, have CCJs, defaults, etc.) you will more than likely be refused.
Loan Calculator (Representative 9.9%APR)
Loan Amount £
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I have been a customer with the Bank of Scotland for over 20 years, and I have noticed a decline in the quality of service ever since they linked with the Halifax. The staff are extremely rude on the phone, and give misleading information. I have personal and business accounts with this bank, and they have made a small fortune from me. Well, no more, because I am closing my accounts and going elsewhere.
Looking for a small personal loan, I thought I would give my Bank a try. The application process was simple but required more documentation than some. Despite being known to the branch for some years I needed to show ID and prove the purpose for the loan. This was new to me as I was trusted in the past. Where they really let themselves down was on the rate of interest they wanted to charge. There are lots of cheaper lenders around and they seem to rely on the apathy of their own customers. Bank of Scotland seem to be very "middle of the road" when it comes to it's product with nothing really leading the pack. It is a well know fact that customers prefer visiting the dentist to moving thier Bank account but times are changing and more people are shopping around - not just for loans but for other bank services as well.
Good Points None Bad Points Poor Service Internet Banking is not user-friendly when it works Telephone staff were very rude High charges and low interest rates on savings General Comments I have been a customer with the Bank of Scotland for over 20 years, and I have noticed a decline in the quality of service ever since they linked with the Halifax. The staff are extremely rude on the phone, and give misleading information. I have personal and business accounts with this bank, and they have made a small fortune from me. Well, no more, because I am closing my accounts and going elsewhere.
The application was processed over the telephone within minutes, and the Bank of Scotland offered to courier the cheque the same day. The staff were helpful, friendly, polite and well-informed. I was pleasantly surprised at the service offered by the Bank of Scotland.
Loans up to £25,000 - 7 years
New customers: 48 hours if signed loan documents arrive with Bank of Scotland before 2:00pm (£70 fee)
5 working days otherwise
- You must be over 18 years of age
- You must have a permanent UK address
- You need: address details including your postcode for the past 3 years, your bank/building society details, your annual income and monthly outgoings such as rent/mortgage repayments, your employer's name and address
- You must have a bank/building society account
- You must be in paid employment and not in full time education
- You can't have been declined credit in the last month
- You cannot have a history of bad credit such as arrears, county court judgements, default or bankruptcy
- You do need to be an existing Bank of Scotland customer
- Pre-default Notice - £30.00
- Default Expired Notice - £50.00
- Issue of Instruction to Solicitor - £50.00
- Fee to receive your documentation quicker by courier - £70.00
- Failed Direct Debit - £25.00
- Letter Requesting Payment - £10.00
- Phone Call Requesting Payment - £10.00
- Up to 58 days interest
